Nigeria needs $20bn yearly investment to hit N1trn economy target — Finance Minister, Edun

The Minister of Finance, Wale Edun, said Nigeria needs to invest $20 billion annually to achieve its economic targets by 2030.

Edun disclosed this on Friday during the Citizens and Stakeholders Engagement on the Implementation of Presidential Priorities and Ministerial Deliverables for the Fourth Quarter of 2024, held in Abuja.

Edun stressed the urgency of the investment, noting its role in driving economic growth and facilitating infrastructural development.

According to him, an additional $20 billion per year is required to grow the economy by an average of 6.3 percent in the medium term.

“We need significantly more growth,” Edun stated. “An additional $20 billion is the target we need for social infrastructure to facilitate logistics for agriculture.”

This comes as President Bola Tinubu in 2023 announced a $1 trillion gross domestic product, GDP target by 2030.

In 2023, Nigeria’s economy stood at $363 billion. Data from the National Bureau of Statistics, NBS puts GDP for the first three quarters of 2024 at $134 billion. In line with the data by NBS, Nigeria needs to add at least $866 billion between October 2024 and December 2030. This equates to increasing GDP size by 7.5 times within six years. This means the $134 billion GDP figure in 2023 must increase by 8.4 per cent by 2024, reaching approximately $145 billion.